By our Special Correspondent

In a noteworthy shift in the global beef market, the United Arab Emirates (UAE) has seen a remarkable surge in beef imports from Brazil. This dramatic increase has elevated the UAE from fifth to third place among Brazil’s top beef purchasers in just one year. The latest statistics reveal an astonishing 212% rise in beef imports, underscoring the strengthening and increasingly pivotal trade relationship between the two countries.

UAE Beef Imports: A Remarkable Increase

From January to July 2024, the UAE imported a substantial 106,480 tonnes of beef from Brazil. This marks a considerable rise from the 34,120 tonnes imported during the same period in 2023. This 212% increase underscores a robust demand for Brazilian beef in the UAE and reflects a broader trend of growing meat consumption in the region. The revenue generated from these imports also saw a significant increase, reaching USD 484.8 million, compared to USD 152.1 million during the first seven months of 2023. The average price per tonne of beef imported by the UAE was USD 4,550 this year, up slightly from USD 4,460 last year. Read more>>

By Syed Zain Abbas Rizvi

The Great Recession seems like an eternity in the past. As an economic scholar, I didn’t even witness the financial meltdown up close but read about the absolute chaos emanating from the noughties in books and academic entries. Over the course of the last decade, I am sure I wasn’t the only one used to the regulatory guardrails introduced in the wake of the economic collapse. It has been somewhat reassuring that the world would not witness such broad-based economic disruption again or that it would be at least relatively deftly handled before it gets out of hand.

The recent collapse of the Silicon Valley Bank (SVB) dares to question that sentiment of reassurance. And the timing could not be more consequential.

The failure of SVB has sent shockwaves through the financial community, with some analysts drawing parallels between the bank’s downfall and the 2008 financial crisis. SVB was a well-capitalized institution seeking to raise funds, but a panic induced by the very venture capital community it served and nurtured ended its 40-year run within 48 hours.

Regulators shuttered SVB last Friday and seized its deposits in the most significant banking failure in the United States since Washington Mutual went bust in 2008 – and the second-largest ever. SVB was ranked the 16^th biggest bank in America at the end of last year, with about $209 billion in assets.

The roots of the SVB collapse stem from dislocations spurred by higher rates. As start-up clients withdrew deposits to keep their companies afloat in a chilly environment for IPOs and private fundraising, SVB found itself short on capital. Read more>>

By our Special Correspondent

Halal wagyu beef is a premium meat gaining popularity worldwide due to its unique flavor, tenderness, and high quality. It is a type of beef that is produced according to halal standards, which means that it is slaughtered in a way that is humane and follows Islamic dietary laws. Halal wagyu beef has become particularly popular in Muslim-majority countries, with a growing demand for high-quality halal meat.

The origins of wagyu beef can be traced back to Japan, where it has been raised for over 200 years. The word “wagyu” literally translates to “Japanese cow” and refers to four breeds of Japanese native to Japan: Japanese Black, Japanese Brown, Japanese Shorthorn, and Japanese Polled. These breeds are known for their marbling and fat distribution throughout the muscle tissue. The marbling gives wagyu beef a unique flavor and tenderness, making it a highly sought-after meat.

Halal Wagyu beef is a premium product produced following Islamic dietary laws. Wagyu beef comes from a specific breed of Japanese cattle known for its high-quality marbling and tenderness. At the same time, halal refers to any permissible food or drink according to Islamic law. Halal Wagyu beef is produced by raising cattle following Islamic principles and slaughtering them in a specific manner.

The significance of halal Wagyu beef lies in its cultural and religious importance to Muslims worldwide. Muslims make up a significant portion of the global population and have specific dietary requirements that must be met for food to be considered halal. Halal Wagyu beef offers a premium beef product that meets these requirements and is enjoyed by Muslims worldwide.

The process of producing halal Wagyu beef involves several steps to ensure that the meat is halal. First, the cattle used to make the beef must be raised following Islamic principles. This includes providing them with adequate food, water, and living conditions. The animals must also be treated with care and respect. Read more>>

The Africa Islamic Economic Foundation (AFRIEF), an independent Islamic economic development organization and the Institute of Chartered Economists of Nigeria (Lagos Branch), a chartered institution committed to the raising of professional economists in Nigeria have announced the signing of a Memorandum of Understanding (MOU), with a general objective to have an association to foster the development of  Islamic economics, capacity building in Islamic finance and entrepreneurship in the Federal Republic of Nigeria. The partnership also envisages a joint collaboration to support the Lagos State Government to implement the UN Sustainable Development Goals (SDGs).

The partnership is a culmination of several exploratory engagements between AFRIEF and the Institute of Chartered Economists of Nigeria (Lagos Branch) on how to synergize their respective strengths, expertise, and resources to foster sustainable development in the Federal Republic of Nigeria. Combining expertise in international investment facilitation, improving the quality of life and opportunities for citizens, or responding to the needs of Global changes, project planning and operations with a sophisticated knowledge of implementation strategies, the two organizations have also agreed to jointly launch a wide range of projects in areas involving trade and investment facilitation, public policy, economic and competitive intelligence, project and financial feasibility, market research, and economic development in the Federal Republic of Nigeria. Read more>>

By  Syed Raiyan Amir

The Taliban celebrated the signing of their first international deal since taking power in August 2021 with a televised event on January 5, 2023. The document signed is a contract for the exploitation of oil reserves in northern Afghanistan with a Chinese business. In accordance with the agreement, Xinjiang Central Asia Petroleum and Gas Co (CAPEIC) will contribute $150 million annually to Afghanistan, rising to $540 million for the 25-year contract in three years. The initiative is focused on a 4,500 square-kilometer region that spans three northern Afghan provinces: Sar-e Pol, Jowzjan, and Faryab. The latter two are Turkmenistan’s borders. After the US soldiers withdrew in August 2021 and the Taliban overthrew the U.S.-backed government, Afghanistan’s aid-dependent economy crumbled. The administration is attempting to stabilize the economy by luring in investments that will provide work for Afghans who are suffering from hardship. One of the few available economic choices is the development of mines and hydrocarbon resources where energy can play a significant role. Besides, in the regional domain, China can play an important role in terms of political and economic prospects. Hence the deal came across. Read more>>